Cameroon - Economic Recovery Support Programme in Cameroon (PARECAM Phase I)


Project Summary

Approval Date 29 Jun 2022
Signature Date 29 Sep 2022
Planned Completion Date 30 Jun 2023
Sovereign / Non-Sovereign Sovereign
Sector Multi-Sector
DAC Sector Code 15124
Commitment U.A 61,692,194.03
Status Implementation

Project General Description

This intervention concerns the Economic Recovery Support Programme in Cameroon (PARECAM). It aims to foster the post-COVID recovery of the Cameroonian economy through fiscal consolidation, structural transformation and the revitalization of the private sector. The programme contributes to strengthening fiscal sustainability through increased tax revenue collection and greater transparency in public spending. It also contributes to improving the industrialisation framework and private sector development for inclusive and sustained growth. PARECAM will seek to create the conditions for a diversified production base through economic transformation that is driven by a dynamic private sector that is expected to play a crucial role in growth and sustainable job creation. The main components of the programme are: (1) Support for budgetary sustainability and (2) Support for the Business Climate and Economic Transformation.

Project Objectives

The main objective of the proposed programme is to contribute to the revival of inclusive and sustainable economic growth by supporting the implementation of “second generation” reforms, under NDS30. More specifically, the programme targets: (i) budgetary consolidation by supporting the dematerialisation of the tax system and improving the quality of public spending; and (ii) the structural transformation of the economy, supported by an industrialisation process driven by a dynamic private sector.

Beneficiaries

Although the Cameroon Government is the direct programme beneficiary, PARECAM will also benefit the entire population of the country. Indeed, strengthening fiscal efficiency in order to increase revenue collection, coupled with a more transparent management of public funds, will likely free up budgetary savings. These will be used to increase public services to support improvement of the living conditions of the population.

Participating Organization

Funding
African Development Bank
Implementing
GOUVERNEMENT DU CAMEROUN MINISTERE DE L'ECONOMIE ET DES FINANCES

Information

IATI identifier 46002-P-CM-KF0-006
Last Update 06 Dec 2022

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Contact Details

Name TOKO Pierre
Email p.toko@afdb.org

Geographic Location

Country Cameroon